JK Agri Genetics posts 31pc jump in Q1 profit

JK Agri Genetics on Friday posted a 31 per cent jump in its net profit at Rs 19.20 crore in the first quarter of the 2020-21 fiscal on strong income.

JK Agri Genetics on Friday posted a 31 per cent jump in its net profit at Rs 19.20 crore in the first quarter of 2020-21 fiscal on strong income. The company had reported a net profit of Rs 14.62 crore in the same quarter previous year, according to the regulatory filing.

Total income rose to Rs 125.19 crore during the April-June quarter of the current fiscal from Rs 112.37 crore in the year-ago. Expenses remained slightly higher at Rs 94.41 crore as against Rs 92.21 crore in the said period.

In the filing, JK Agri Genetics said the board approved raising up to Rs 50 crore by the way of issue of Non-Convertible debentures (NCDs)/Debt Securities. "There is no material impact of COVID-19 on the business and operation of the company during the current quarter. However, as the situation is still continuously evolving, the eventual impact may be different from the estimates made as of the date of approval of these financial results," it added.

Shares of the company settled higher by 7.52 per cent at Rs 807.55 apiece on the BSE on Friday.